Gov’t pledges major support for mining industry

July 10, 2017
Gov’t pledges major support for mining industry

The Vice President Dr. Mahamudu Bawumia has re-echoed government's quest to support the mining industry, a major partner in the country's economic development.

Dr. Bawumia, addressing a delegation of the Ghana Chamber of Mines who paid a courtesy call on him in Accra said, the government already recognises the Chamber as a key stakeholder of the Multilateral Mining Integrated Project (MMIP) --a holistic approach towards tackling the illegal mining activities.

He said there is the need to develop a mutually beneficial relationship between the Chamber and the government to ensure that the process became a reality.

Welcoming the delegation, led by Mr. Kwame Addo-Kufuor, the President of the Chamber, Mr Eric Asubonteng, the 1st Vice President, and Mr. Sulemanu Koney, the Chief Executive Officer, Dr, Bawumia assured the delegation that the issue of the country's unattractiveness will be captured holistically in the 2018 budget and promised to continue to work with key agencies to improve the country's image as the preferred mining and business destination on the continent.

He explained that government is inviting business partners into various sectors to create an interrelated economy that could rely on internally generated revenue for key developmental projects.

He expressed optimism at the positive outcome of the various fiscal policies being implemented under the new regime to relieve businesses of the fiscal burdens in their operations.

"Government is keen on ensuring that the local content drive in the industrial sectors were strengthened and made more beneficial to local entrepreneurs and businesses," he said.

He added there would be "the creation of linkages among the industries in the country to bolster value for Ghanaians."

Mr. Addo-Kufuor, indicated that it is the Chamber's expectation that all of the relevant ministries would demonstrate the same resolve by the Vice President to partner with the Chamber to propel the local content agenda and find a lasting solution to illegal mining.

Mr. Sulemanu Koney, the CEO, explained how the Value Added Tax (VAT) on exploration inputs had contributed to the unattractiveness of Ghana as the foremost mining destination in the Sub-region.

He urged the government to consider progressive business enabling policies as in recent times, most investors had turned their attention to neighbouring West African countries due to the fiscal reliefs presented to businesses in the mining sector.